Tuesday 19 June 2018

Opec cuts output closer to 2014 demand

Vienna, December 10, 2013

Opec has trimmed its crude oil output towards next year's global requirement, the exporter group said on Tuesday, further whittling away at a supply surplus that could weigh on prices.

The monthly report from the Organization of the Petroleum Exporting Countries, which kept its output policy unchanged at a meeting last week, also sounded an upbeat note on the prospects for the world economy in 2014.

Opec forecast demand for its oil in 2014 would average 29.57 million barrels per day (bpd), unchanged from the previous estimate.

According to secondary sources cited by the report, the organisation lowered its own output to 29.63 million bpd in November, closer to next year's forecast demand.

That suggests there will be virtually no surplus crude in the market in 2014 should OPEC keep output at November's rate.-Reuters

Tags: economy | Opec | Oil output |

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